Florida, JPMorgan Settle

BRADENTON, Fla. — Florida Attorney General Bill McCollum on Wednesday announced a $25 million settlement with JPMorgan to resolve allegations that the investment bank sold unregistered securities to the local government investment pool.

About $23 million will be distributed to the participants of the former investment pool to reimburse local governmental entities that saw the value of asset-backed securities decline in August 2007.

The remaining $2 million will reimburse the costs of the investigation and pay administrative fines.